Today the Bush administration promised us another four years of near record-high deficits. Not that they phrased things in quite that way.
The current budget deficit is at a record high, so cutting that in half is not exactly a lofty goal. Remember the Bush administration started with a budget surplus.
It gets better. The promise is for five years from now when Bush will no longer be in office. When a politican makes a promise that does not take effect until after he is out of office, I would not bet on seeing the promise fulfilled.
Note also this says they do expect the budget deficit to never be less than half the current level in the next four years. So can expect at least another trillion dollars added to the federal debt over the next four years.